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Futures Contract Turnover is included in GST turnover, Goods and Services Tax - GST
|Futures Contract Turnover is included in GST turnover|
Person has been dealing in Futures in stock market where one lot sale value is 10lacs. Whether this turnover is included while computing aggregate turnover in GST as the person will be having professional income too but less than 20 lacs.
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Dear experts please reply
Your answer is inherent in the definitions of 'Transaction Value,' 'Consideration' 'Aggregate Value' and scope of 'threshold exemption limit' and definition and scope of 'supply'. Pl. go through all the above in CGST Act and then post your query again.
Both will be clubbed to arrive at threshold exemption limit.
Futures would be covered under definition of securities under SCRA. Would not be part of aggregate turnover
Just for knowledge sake also go through the following circular :-
Taxability of supply of securities under Securities Lending Scheme, 1997 - Clarification